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Friday, January 09, 2009
Market Winners & Losers: AK Steel, Apollo Group
David O'Brien
FOXBusiness
It was a rough end to a rough week. With news of unemployment reaching highs not seen in years and more than 500,000 people let go in December, the major indices finished down nearly 2.2% on the day.
Here are some of Friday’s winners and losers:
Winners
Apollo Group Inc. (APOL)
Apparently school is cool -- the online educator seems to be benefiting from the weak job market, with many people going back to either finish a degree or further their education. Shares finished the day up nearly 10%, closing at $85.27 -- a gain of $8.05.
Stryker Corp. (SYK)
The company, a diamond in the rough, saw growth during the fourth-quarter of 3.6%. Shares gained $2.38, or more than 6%, on Friday to close at $40.96.
Reynolds American Inc. (RAI)
Maybe the economy is driving people to smoke; the tobacco products manufacturer bounced off its 52-week lows, gaining just under 5%, or $1.79, on the day to end at $39.33.
SLM Corp. (SLM)
After closing a $1.5 deal with Goldman Sachs International (GS), things seem to be looking up for Sallie Mae. The stock finished the week at $10.65, an increase of 48 cents.
Tyson Foods Inc. (TSN)
News that Tyson will not have to lay off workers in order to regain profitability helped the stock close out the first full week of trading in the New Year on the up side. Shares last traded at $8.45, up 31 cents on the day.
Losers
Lennar Corp. (LEN)
As if there weren't already enough financial scandals to go around, one of the U.S. largest home builders was thrown into another one. Details arose this week of a possible mishandling of capital in the '90s, which in turn drove the stock down $2.27, or nearly 20%, to close at $9.15.
AK Steel Holding Corp (AKS)
Not much is working for the steel producer, it had its earnings slashed, and then announced that it is going to have to lay off a number of employees. Shares fell $1.93, or 15%, to end the session at $11.07.
Jones Apparel Group Inc. (JNY)
After a Moody’s downgrade and dismal retail numbers, the stock saw prices drop significantly at the start of trading Friday. Shares ended the day down 83 cents, or 14%, to close at $4.92.
Coach Inc. (COH)
This is another retailer getting hurt from weak sales -- the apparel and accessories maker watched shares fall $2.79, or more than 13%, to end the week at $18.11.
CVS Caremark Corp. (CVS)
Drug stores are feeling the strain of weak retail sales. Shares ended the day down $3.65, or nearly 12.5%, to close at $25.69.
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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
